Markets across East Asia opened to heavy losses Monday as the worldwide sell-off showed no signs of slowing, with investors continuing to dump risk assets amid intensifying trade tensions. Meanwhile, Bitcoin (BTC) remained relatively steady, trading just above $79,000 during Asia’s morning hours.
The CoinDesk 20 (CD20) index, which tracks the performance of the largest and most liquid digital assets, slid 8% as cryptocurrencies joined the broader market retreat.
In equities, Hong Kong’s Hang Seng Index plunged more than 8% in mid-morning trading. China’s Shanghai Composite dropped 7%, while Taiwan’s TAIEX tumbled 9%, leading regional declines.
Technology stocks were among the hardest hit. Alibaba shares sank 12%, and Tencent dropped 9% on the Hong Kong exchange. In Taipei, Taiwan Semiconductor Manufacturing Company (TSMC) shares slid 10% within minutes of the open, triggering the exchange’s circuit breaker for price swings.
The selloff in TSMC came despite confirmation from the White House that Taiwanese semiconductor exports would be exempt from newly announced tariffs. However, uncertainty over the future of the CHIPS Act—Washington’s key legislation aimed at bolstering domestic chip manufacturing—cast a shadow over the sector.
Some market watchers say TSMC’s steep decline may be a warning for how U.S. chip giant Nvidia (NVDA) will perform at Monday’s open, with analysts noting that NVDA has become more volatile than even leading cryptocurrencies like BTC or ETH.
Across crypto markets, Ethereum (ETH) fell 11%, XRP lost 9%, and Solana (SOL) dropped 10%. Decentralized finance (DeFi) tokens took an even harder hit, with Maker (MKR) and Aave (AAVE) both down around 14%.
Liquidation data from CoinGlass indicated nearly $675 million in long positions were wiped out over the past 12 hours, compared to just $123 million in short liquidations—signaling heavy bullish positioning caught offside by the downturn.
Even the meme coin TRUMP, inspired by the sitting U.S. president, was not spared. It fell 13% on the day, trailing major DeFi assets and ranking among the worst performers in the crypto market.
